A new report released this week by the Economic Development Coalition of Southeast Michigan shows $2.28 billion invested in 68 Michigan businesses and projects with more than 4,000 new jobs created in the first half of 200.
The coalition - which includes Detroit Renaissance, the Michigan Economic Development Corporation, the Detroit Regional Chamber, Next Energy, Automation Alley and Detroit, Oakland and Macomb counties, among other major players in the economic development scene - was formed to spur economic growth in the area.
The report, says Doug Rothwell (CQ), president of Detroit Renaissance, was produced to highlight what's already happening in the region.
"We think that most people really don't appreciate the magnitude of investment and diversification that is already happening in southeast Michigan," he says. "We tend to read about these stories in small bits and pieces as they occur, but when you look back, it bodes well for the rest of the region and shows why people would want to do business here."
In addition to the 4,017 jobs created during the six-month period, the region retained 5,433 jobs in the businesses reported by coalition agencies.
Despite those numbers, there's a lot of work yet to do, Rothwell says. "I think we still have a ways to go," he adds. "I think we're doing much better than maybe we're given credit for."
Most of the jobs and companies the report reflects require a significant skill level, Rothwell explains, which may mean some workers would need additional training.
"People have to be prepared to continue education for their lifetime," he says. "That's a big change for people in their 50s and 60s."
The next step, says Mark Beyer (CQ), director of marketing, communications and outreach for Next Energy, is to continue to foster an entrepreneurial spirit in the region.
"What fundamentally needs to happen is for Michigan's technical know-how - and we have it by the boatload - what needs to happen is for our technical know-how to be combined with entrepreneurial and business activators, kind of your east coast and west coast entrepreneurial culture," he says. "We have legacy of a century of powerful strong businesses, and Michigan, through no fault of its own, has not grown a culture of entrepreneurs in the same way your Silicon Valleys have."
Fostering entrepreneurship is one of the coalition's goals, and Beyer says he believes venture capitalists will take a chance on Michigan - given a powerful entrepreneurial incentive.
Source: Doug Rothwell, Detroit Renaissance and Mark Beyer, Next Energy
Writer: Nancy Kaffer
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